Deals
William Hill Bid in Balance as $4 Billion Offer Rejected Again
- Suitors improve stock element of proposal for U.K. bookmaker
- William Hill shares drop on concern 888, Rank may walk away
Rank Group and 888 Lose William Hill Takeover Bid
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William Hill Plc rejected an increased 3.1 billion-pound ($4 billion) offer from 888 Holdings Plc and Rank Group Plc, showing the bidders face a difficult task in persuading the U.K.’s biggest bookmaker to negotiate a takeover ahead of a looming deadline.
The two sides can’t even agree on the valuation of the suitors’ second bid, which would accelerate a round of betting-industry consolidation that has included the pending merger of competitors Ladbrokes and Coral, and the combination of Paddy Power and Betfair. William Hill said Monday that the new bid was worth 352 pence a share, while Rank and 888 gave a valuation of 394 pence.